Close Menu
    What's Hot

    Depot Marketers Lament Dangote’s Direct Fuel Distribution Plan

    June 16, 2025

    Dangote Refinery to Start Fuel Supply Nationwide Aug 15

    June 15, 2025

    Israel vs Iran: Analysis of Their Oil and Refining Capacity

    June 15, 2025
    Facebook X (Twitter) Instagram
    Trending
    • Depot Marketers Lament Dangote’s Direct Fuel Distribution Plan
    • Dangote Refinery to Start Fuel Supply Nationwide Aug 15
    • Israel vs Iran: Analysis of Their Oil and Refining Capacity
    • Oil Facilities Hit as Israel–Iran Conflict Escalates
    • IPMAN, NARTO to Halt Fuel Truck Access Over ₦12,500 Levy
    • Tanker Report Today: PMS, LPG Await Discharge at Key Depots
    • 2015-2025: 10 Major Strikes and Wars That Spiked Oil Prices
    • Crude Prices Skyrocket as Iran Retaliates Against Israel
    • Home
    • Contact Us
    • About us
    Facebook X (Twitter) Instagram
    Petrol Price in  NigeriaPetrol Price in  Nigeria
    Subscribe
    Monday, June 16
    • Home
    • News
    • Sectors
      • Downstream Sector
      • Upstream Sector
      • Oil Sector Investments
    • Fuel Updates
      • Fuel Price Forecast
    • Just In
    • Economy
    • Oil Companies
      • LPG
      • OPEC
    • International Oil Market
    • Refining
    Petrol Price in  NigeriaPetrol Price in  Nigeria
    Home > Blog > Exchange Rates Today: USD, GBP, and EUR Against the Naira

    Exchange Rates Today: USD, GBP, and EUR Against the Naira

    Goli InnocentBy Goli InnocentMarch 5, 2025 Economy No Comments3 Mins Read
    Exchange Rates Today: USD, GBP and EUR Against the Naira(petroluemprice.ng)
    Exchange Rates Today: USD, GBP, and EUR Against the Naira(petroluemprice.ng)

    As of today, Wednesday, March 5, 2025, the Nigerian Naira (₦) continues to experience fluctuations against major foreign currencies, including the US Dollar (USD), British Pound Sterling (GBP), and Euro (EUR). Below is a summary of both official and parallel market exchange rates.

    Official Exchange Rates

    According to the Central Bank of Nigeria (CBN), the official exchange rates are as follows:

    • US Dollar (USD): ₦1,557.87 per USD
    • British Pound Sterling (GBP): ₦2,036.87 per GBP
    • Euro (EUR): ₦1,721.67 per EUR

    Parallel Market (Black Market) Rates

    In the parallel market, exchange rates differ from the official figures. As reported by Nigeria Galleria, the rates are:

    • US Dollar (USD): ₦1,490 (buy) / ₦1,500 (sell) per USD
    • British Pound Sterling (GBP): ₦1,870 (buy) / ₦1,920 (sell) per GBP
    • Euro (EUR): ₦1,500 (buy) / ₦1,550 (sell) per EUR

    Factors Influencing Exchange Rates

    Several factors contribute to the disparity between official and parallel market rates:

    1. Foreign Exchange Reserves: The CBN‘s ability to maintain stable reserves affects its capacity to support the Naira.
    2. Inflation Rates: Higher inflation can erode the Naira’s purchasing power, leading to depreciation.
    3. Political Stability: Political events and policies can influence investor confidence and currency stability.
    4. Global Oil Prices: As a major oil exporter, fluctuations in oil prices significantly impact Nigeria’s foreign exchange earnings.

    Implications for Individuals and Businesses

    The divergence between official and parallel market rates poses challenges for both individuals and businesses:

    • Importers and Exporters: Businesses may face increased costs when sourcing foreign currencies for imports, affecting pricing and profitability.
    • Travelers and Students Abroad: Individuals requiring foreign currency for travel or education may encounter higher expenses due to less favorable rates in the parallel market.
    • Remittances: Those receiving funds from abroad might receive more Naira per unit of foreign currency in the parallel market, influencing the choice of exchange channels.

    Government Measures

    The Nigerian government and the CBN have implemented various strategies to stabilize the Naira and narrow the gap between official and parallel market rates:

    • Monetary Policies: Adjustments in interest rates and other monetary tools aim to control inflation and stabilize the currency.
    • Foreign Exchange Interventions: The CBN periodically intervenes in the foreign exchange market to support the Naira.
    • Diversification Efforts: Initiatives to diversify the economy beyond oil aim to reduce vulnerability to external shocks and strengthen the Naira.

    Staying informed about current exchange rates and understanding the factors influencing currency fluctuations are crucial for making sound financial decisions. Both individuals and businesses should monitor official and parallel market rates to navigate the complexities of foreign exchange in Nigeria effectively.

    CBN Exchange Rate Naira
    Goli Innocent
    Goli Innocent

      Goli Innocent Goli Innocent is an energy journalist and digital strategist covering Nigeria’s downstream oil sector. He delivers real-time analysis on logistics, pricing, and policy for platforms and stakeholders.

      Keep Reading

      Depot Marketers Lament Dangote’s Direct Fuel Distribution Plan

      Dangote Refinery to Start Fuel Supply Nationwide Aug 15

      Oil Facilities Hit as Israel–Iran Conflict Escalates

      IPMAN, NARTO to Halt Fuel Truck Access Over ₦12,500 Levy

      Tanker Report Today: PMS, LPG Await Discharge at Key Depots

      2015-2025: 10 Major Strikes and Wars That Spiked Oil Prices

      Add A Comment
      Leave A Reply Cancel Reply

      Join Our WhatsApp Channel
      Follow Our Social Media Handles
      • Facebook
      • Twitter
      • YouTube
      • LinkedIn
      Latest Post

      Depot Marketers Lament Dangote’s Direct Fuel Distribution Plan

      June 16, 2025

      Dangote Refinery to Start Fuel Supply Nationwide Aug 15

      June 15, 2025

      Israel vs Iran: Analysis of Their Oil and Refining Capacity

      June 15, 2025

      Oil Facilities Hit as Israel–Iran Conflict Escalates

      June 15, 2025

      Subscribe to News

      Get the latest sports news from NewsSite about world, sports and politics.

      Facebook X (Twitter) WhatsApp Instagram

      News

      • Downstream Sector
      • Upstream Sector
      • Oil Sector Investment
      • Fuel Updates
      • Fuel Price Forecast
      • Economy
      • International Oil Market

      Company

      • About Us
      • Contact Us
      • Privacy Policy
      • Terms and Condition

      Subscribe to Updates

      Get the latest creative news from Petroleumprice about fuel prices, petroleum sector, and business.

      Type above and press Enter to search. Press Esc to cancel.

      Ad Blocker Enabled!
      Ad Blocker Enabled!
      Our website is made possible by displaying online advertisements to our visitors. Please support us by disabling your Ad Blocker.